August 17, 2022

Sandbox (SAND) was one of the vital lively cryptocurrencies on Thursday, with values rising by as a lot as 14 %. After reaching a low of $1.13 on Wednesday, the SAND/USD pair reached a session excessive of $1.28 earlier in the present day.

The token reached its highest degree since June 25 and drew nearer to an important resistance degree consequently. Throughout the identical timeframe, the market capitalization of the token elevated by 15 %. It was valued at $1.58 billion as of press time, in accordance with information from Coingecko.

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Main Indicators Exhibiting Optimistic Values

In response to Santiment statistics, SAND’s main indicators improved over the previous day, with the change move steadiness exhibiting a constructive worth of $1,411,000.

Within the earlier 24 hours, considerably extra SAND tokens had been equipped to exchanges than had been withdrawn. In such circumstances, an extra worth enhance is anticipated.

Primarily based on the chart, this resistance is positioned at $1.35 and has not been breached since late Could, when costs had been buying and selling close to $1.50.

To not solely attain this ceiling, however maybe surpass it, the 14-day relative energy index would want to surpass its personal barrier. As of Thursday at noon, the SAND RSI is monitoring at 57.50, which is just under the extent of resistance at 58.

Crypto whole market cap at $901 billion on the day by day chart | Supply: TradingView.com

Coinbase Merge Pushes SAND Worth Up

This week’s information that The Sandbox has efficiently merged with Coinbase Pockets and enabled LAND deployment on Polygon has offered a much-needed push to the value of metaverse currencies, inflicting a 20 % enhance.

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For the reason that announcement, the value of SAND has peaked at $1.17 earlier than declining. Compared, its 24-hour minimal worth was $0.95. Traders in SAND will hope that the constructive information will trigger the value to rise over $1.30, which is able to sign to the bigger market that SAND is on a bullish run that could be sustainable.

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On the time of writing, important accumulation of the SAND token was occurring, because the Cash Move Index (MFI) was at 74.47. The place of those key indications recommend appreciable buying stress throughout the earlier 24 hours.

A number of crypto property contributed to a 5 % enhance within the capitalization of the worldwide cryptocurrency market over the previous 24 hours. SAND was among the many main property to have a worth enhance throughout this timeframe.

Featured picture from DataDrivenInvestor, chart from TradingView.com